Establishing new communication channels between China's Ministry of Commerce (MOFCOM) and the U.S. Department of Commerce is a crucial step to stabilize bilateral economic and trade ties and create an enabling environment for industrial and business communities to conduct practical cooperation, an MOFCOM spokesperson said on August 31.
Speaking at a regular press conference, spokesperson Shu Jueting said the move would provide an important platform for the MOFCOM and the U.S. Department of Commerce to carry out discussions on economic and trade issues of respective concern in an institutionalized and regular manner.
The establishment of the new communication channels was announced when U.S. Commerce Secretary Gina Raimondo visited China from August 27 to 30.
The best way to "de-risk" is to guide bilateral trade and economic relations back onto a healthy and stable development track and give better play to the cornerstone role of bilateral economic and trade relations, the spokesperson said, adding that this will help anchor enterprises' expectations and boost their confidence in trade and investment.
The spokesperson said that China will only open wider to the outside world. Enterprises from all countries, including U.S. companies, are welcome to invest and share the development opportunities in China, she said.
In response to questions concerning tariffs, Shu said that China has raised serious concerns about additional tariffs imposed on Chinese goods under U.S. Section 301.
The United States has imposed these additional tariffs on Chinese products for as long as five years, and the move has had adverse impacts on businesses in the two countries, U.S. consumers, bilateral and global trade, and the global economy, the spokesperson said.
Removing all additional tariffs imposed on Chinese goods would benefit China, the United States, and the whole world, Shu said.